The Decline and Fall of 23 Caton Place

caton-on-the-park-0409.jpgLast time we checked in on Caton on the Park, the aborted condo development across the street from the Kensington Stables it was last October and the site had already been frozen for six months. In its April issue, The Real Deal digs more deeply into the problems that have plagued the project. After paying $5.25 million for the property in 2005, developer Moshe Feller hired Karl Fischer to design a 107-unit, eight story condo building and, after some bad press for evicting the 13 horses that were housed on the site, got down to work. After numerous complaints about after-hours work and sketchy safety practices, the DOB issued a Stop Work Order last April when the building was about 40 percent complete. According to Corus Bank, which is currently pursuing foreclosure action against the property, cost overruns coincided with worsening market conditions. By June, with Feller unwilling to pony up more dough and his mezzanine lender in trouble, Corus filed to foreclose. According to one neighbor, area residents have come to learn the hard way that “the only thing worse than a new building that nobody likes is a half-finished building that nobody likes.”
Banks and Builders Battle [The Real Deal]
Little Progress on 23 Caton Place [Brownstoner] GMAP
Bank Sues Caton Place Developer [Brownstoner] DOB
Work Stops at Caton Place Condos [Brownstoner]
At 23 Caton Place, Laborers Labor on Labor Day [Brownstoner]

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  • Poor neighbors. We passed this the other day…it is incredibly LARGE. Must be like living next to a jumpgate to Hell.

  • It’ll get vultured and finished later.

    ***Bid half off peak comps***

  • Beautiful! Just Beautiful! This is what a collapse of the Mutant Asset Bubble looks like!

    The What (Tick.. Tick.. Tick…)

    Someday this war is gonna end…

  • Yeah, I have to live next door to this god-forsaken eyesore.

    This is an absolutely perfect case study of what is wrong with real estate and land development in NYC.
    Corruption aside, the rules and guidelines in place today are still way too loose and there is almost no oversight (budget constraints, too few staff, whatever.)

    Before any permits are granted by the city, the developer should have to post massive bonds as insurance. It shouldn’t be prohibitive to development, but enough to make the developer responsible, fiscally and otherwise. I do not pretend to know enough about all the laws and rules right now, but if they do post bonds, it is obviously way to small to be of value.

    My understanding is that Corus Bank has been working with the city and community leaders to move forward. They did get the construction wall moved back to free up the parking and sidewalk access.

    Unfortunately, there’s still a huge safety issue with it’s current state, not to mention it’s almost an invitation for illegal activity besides attracting all manner of wild creatures.

    I would suggest anyone that participates in public/community hearings about proposed development in any part of NYC stand up and say “I’d like to state the case of 23 Caton Place in Windsor Terrace, Brooklyn…”

    I just hope we don’t need another crane collapase or worse to bring about significant change and improvement for the residents of this great city.

    -Steve